We want to help make planning for your future as intuitive as possible, so your projected annual income and target annual income are shown in today’s terms.

This means they are adjusted for inflation, so they already reflect the tendency for goods and services (for example, groceries or public transport) to get more expensive over time.

Your projected annual retirement income is calculated based on the value of your projected pension pot(s) at retirement and how long you may be expected to live. Both the projected and target income figures shown are before tax.

We also assume that your investments will continue to grow at a rate of 5% after you retire, that the rate of inflation is 2% every year and that you won’t be taking a 25% tax-free cash lump sum when you’re ready to start withdrawing from your pension.